DCB Bank reported 10.1% yoy and 21.2% qoq decline in PAT at Rs369mn, which was below our estimate, due to higher operating and provision expenses. On the other hand, the bank has surprised us by making material changes in its growth strategy. DCB has announced that it would double its branch network from current 160 branches to 300 branches by December 2016. This target is way above the earlier guidance of opening 25-30 new branches every year. In order to support the...